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mostly tax increases, $1.6 trillion in tax increases, you know, double what he wanted during the campaign, he's calling for some budget cuts, but they're very unspecified, so most people don't believe they'll happen. if lew gets to preserve some of that in a deal with republicans, you know, he's golden. most people don't think they'll get all of that, but there's flies in the ointment we should point out. larry fink is often set to be on the periphery, major democratic supporter of president obama during his first term. he's said to be kind of like on a short list. we should point out that larry hasn't been called yet. the president seems to be siding with lew. things could change. fiscal cliff could be a big thing. lori: tell us more about the character of jack lew. we foe he's -- we know he's a tough negotiator -- >> he's the chief of staff right now. um, you know, he spent some time at citigroup, i know that. he's considered -- he was brought in to citigroup by, i believe, bob rubin, spent time in the clinton administration. people describe him as a pretty partisan guy. he's much more
mostly tax increases, $1.6 trillion in tax increases, you know, double what he wanted during the campaign, he's calling for some budget cuts, but they're very unspecified, so most people don't believe they'll happen. if lew gets to preserve some of that in a deal with republicans, you know, he's golden. most people don't think they'll get all of that, but there's flies in the ointment we should point out. larry fink is often set to be on the periphery, major democratic supporter of president...
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the wealthy, higher taxes for the wealthy. that of course a major sticking point in the negotiations. that moved the dow up earlier but we don't have anything specific right now. these are all still rumors. apple, just a lot of things going on today. i believe there was an at&t investor conference where one of the executives at at&t gave sales figures for the smartphone sales for the first two months of the quarter saying sales would be flat implying they'd be flat from the same period last year. smartphones, which include overall smartphone sales like samsung and iphone sales. but i think some were a little disappointed to hear that, were hopeful it might be stronger. there are also concerns the ipad share of the tablet market might be slipping. and of course some firms raising margin requirements as well. >>> the leadership group here, our banks, a lot of analysts got what they wanted, citigroup cutting jobs, 11,000 jobs. cutting expenses. what a sad reason for the market and financials to be up today on that kind of headlin
the wealthy, higher taxes for the wealthy. that of course a major sticking point in the negotiations. that moved the dow up earlier but we don't have anything specific right now. these are all still rumors. apple, just a lot of things going on today. i believe there was an at&t investor conference where one of the executives at at&t gave sales figures for the smartphone sales for the first two months of the quarter saying sales would be flat implying they'd be flat from the same period...
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i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game? what is their thinking as to how they are going to work their will? do they just figure they won, they are going to get what they want? >> i have no idea, chris. if i knew, i would share it with you but i don't think what they are thinking. >> do you think they are being bullies? >> i think they won the election, they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> and again, because you kind of didn't answ
i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game?...
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Nov 29, 2012
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taxes will go higher. you're also talking about the possibility of a much slower economy. and how does that impact earnings in 2013? let's say hypothetically we go off the fiscal cliff because clearly both sides are digging in. here we are at the edge once again like last summer. we go off the fiscal cliff. 2013 comes. we go into recession. doesn't that hit corporate earnings, which, of course, has been the best part of this recovery anywhere? >> there's no question about that. i would contend that the market has probably already factored most of that in. when you can buy a number of stocks -- in the hodges small cap fund, we have a number of stocks trading below their growth rate. that's telling you that the market is not expecting good growth. when you can buy stocks that are growing at 20% a year at ten times earnings, that's a good valuation. there are a number of those situations there that we're seeing left and right. >> got to go, guys. >> okay. >> sorry, jeff. you know how that works. you guys on t
taxes will go higher. you're also talking about the possibility of a much slower economy. and how does that impact earnings in 2013? let's say hypothetically we go off the fiscal cliff because clearly both sides are digging in. here we are at the edge once again like last summer. we go off the fiscal cliff. 2013 comes. we go into recession. doesn't that hit corporate earnings, which, of course, has been the best part of this recovery anywhere? >> there's no question about that. i would...
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remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do, too, you say some of the things we enacted as emergency measure during the great recession are going to either be taken away or tapered down. and that's part of the logic of including some cuts or some reduction in the extension of unemployment, food stamps and other things. >> but okay, we're going to talk about the reality of being poor in america and the next couple of block. the notion that you can start kicking people off food stamp rolls because we're in a recovery. if you look at how much money people are make, the stats, economic impact of giving a person a dollar in food stamps equals
remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do,...
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fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? >> we proposed detailed proposal on both sides. if they want to go beyond that, they should tell us what they like to do. if they want to do it differently -- >> whose turn is this? where are we in this? >> the ball really is with them now. again, they're in a hard place. they're having a tough time trying to figure out what they can do. that's understandable. this is very difficult for them. we might need more time to figure out where -- >> we don't have a lot of time. >> you can't wait very long. what we are trying to do is be as clear as we can with what is essential to us and what we like to have and what we think is good for the american econo
fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? >> we proposed detailed proposal on both sides. if they want to go beyond that, they should tell us...
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and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president has done, going to congress and said, going out and encouraging people to tweet and post on facebook my 2k, meaning the $2,000 they would get in the extended tax breaks for the middle class. but he is also meeting privately with ceos. he has a bad relationship with wall street and with corporate america generally. he has presented much of this plan. what's the feedback he's getting? >> there will be a big recession if you don't get behind him. i'm finding many republican ceos -- by the way, most ceos are republican. they are on board. they are not on board with
and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president...
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why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on success. it's an attack on capital itch. it's also an attack on good taste, although we didn't show the most vulgar part. where does a successful actor like this get off saying this kind of thing? what does he know about capitalism anyway as he makes his bucks, and by the way, this entire cartoon was sponsored by the teachers union. what a shocking surprise there. they, too, higher taxes on the rich, knock down free market capitalism, go up against free enterprise. you know, when is this left wing stuff going to end? i guess the answer is n
why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on...
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it's the largest tax increase in american history. what i think we can do, and what would make the most sense since both sides seem to be dug in, let's build a bridge over the fiscal cliff, temporary bridge that says, you know, we will extend the tax cuts. you know, we'll reduce the spending cuts, especially in defense. we've going to do it for three months, six months. then we can have some time to look at this responsibly. remember, congress and the president never do anything that close to a good job if they are on a deadline or rush timetable. you know, we got obamacare because of that. that is going to prove a mess. we have gotten all kind of tax deals where things never really materialize. you know, ronald reagan had such a deal at the last minute in 1982, and out of every 100 cents of spending restraint he only got 75 cents because the deal was written so badly went need to take the time on this and not view december 31 as arbitrary deadline. >> jamie: it would be great if we did things in steps. i thought about this with the i
it's the largest tax increase in american history. what i think we can do, and what would make the most sense since both sides seem to be dug in, let's build a bridge over the fiscal cliff, temporary bridge that says, you know, we will extend the tax cuts. you know, we'll reduce the spending cuts, especially in defense. we've going to do it for three months, six months. then we can have some time to look at this responsibly. remember, congress and the president never do anything that close to a...
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that includes a 3.8% tax for obamacare. taxes go on and on. so what are advisorselling their clients? the answ is maybe not so much. rick adelman joins me now. this is a letter you wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's riht, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end of the year. we knew it was going to happen as of january 1, we would be able to say definitively let's capture capital gains and save ourselves money. order, it's definite not necessary. for the moment, we are saying that we are preparing. we are examining every client accounts so that we are ready to make a move if needed. let's not pu the trigger to set. gerri: one of the things people are concerned about, dividends and dividend paying stocks. wifi on? by southern? what you make of that debate? that is obamacare and that is the law and it is not expiring. >> tho
that includes a 3.8% tax for obamacare. taxes go on and on. so what are advisorselling their clients? the answ is maybe not so much. rick adelman joins me now. this is a letter you wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's riht, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end of...
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are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how they will work -- well, they figure they won and they will get what they want? >> i have no idea, chris. if i knew, i would share it with you. i don't know what they are thinking. >> chris: do you think they are being bullies. >> i think they've won the election and must have forgotten republicans continue to hold a majority in the house. but, you know, the president's idea of a negotiation is, will they do what i ask. we need to find common ground and need to find it quickly. >> chris: and, again, you kind of didn't answer it the first time, what are the chances we'll go over the cl
are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how...
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, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change to the death tax, wanting to have a new credit card with no credit limit to the president so he can additionally just borrow and spend and tax? you go through all of these things. it really never deals with the fumblefundamental problem in our country which is the spending. our problem is not that we're taxed too little, we just continue to spend too much. >> he is asking that the debt ceiling that he has sole control over and how much the debt ceiling can be raised without having to get permission from capitol hill. i mean,
, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change...
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i think the market has digested a bit that tax rates will go up. it's just a matter of how much spending are we going to cut to make this a market between the democrats and republicans. >> does monetary policy hurt or help the banks? keeping rates as low as they are, it's tough to make a buck the traditional way of lending and spending, right? >> i'm going to be a two-armed economist because i can't said on the other hand. there's two things that are very important. first of all, credit in commercial real estate is phenomenal. cap rates are really low. so the fact that rates are as low as they are has allowed commercial real estate not to fall into the abyss. if commercial real estate had to refi at high rates, we would have had another problem. the other problem is the fact margins are getting squeezed at these banks. credit quality is better. >> that's where the money comes from. >> yeah, fees. by the way, you can eat these loan loss reserves. citi still has close to $10 billion in reserves. they've not used them. >> that's interesting. >> these
i think the market has digested a bit that tax rates will go up. it's just a matter of how much spending are we going to cut to make this a market between the democrats and republicans. >> does monetary policy hurt or help the banks? keeping rates as low as they are, it's tough to make a buck the traditional way of lending and spending, right? >> i'm going to be a two-armed economist because i can't said on the other hand. there's two things that are very important. first of all,...
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additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did think that the president had shown leg on entitlement reform. he did no 2011. when the house speaker failed to reach a grand bargain. you heard signals from dick durbin said on the sunday shows that medicare had to be on the table. he circled back and say it couldn't be part of the down payment. a lot of confidence that the president is willing to go over the cliff before he would do anything to entitlement. this is the -- the ball is in the democrats' court, not in the republicans that i spoke to today. did say that the administration proposal just as boehner said is n
additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did...
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. >> is that because of the tax -- not the tax, the rate cut. >> well, right. they did have the rate cut. the day they have the rate cut the aussie dollar rose. you would think there would be some momentum in that. there really wasn't any momentum. that concerned me a bit. >> we were talking about apple. we talked about it last night. see what we had to do on the set last night. >> fundamentals, revenues slowing. earnings growth is slowing. potentially margins have been peaking. >> that is something that if somebody put that chart in front of you and didn't tell you what it was, you would not be buying it. you'd say, that rally is something to be sold. >> i will say that apple is much more than a chart, apple is an ecosystem. apple is something that people love in terms of its products and so, therefore, why can't it transcend just being a chart with a technical breakdown? >> the emotion, it's amazing the emotion that this stock brings out in folks. we could say something negative about cat tractor. we'll talk about freeport mak and nobody will bat an eye. if y
. >> is that because of the tax -- not the tax, the rate cut. >> well, right. they did have the rate cut. the day they have the rate cut the aussie dollar rose. you would think there would be some momentum in that. there really wasn't any momentum. that concerned me a bit. >> we were talking about apple. we talked about it last night. see what we had to do on the set last night. >> fundamentals, revenues slowing. earnings growth is slowing. potentially margins have been...
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we get taxes, will be cut. no, taxes will go up. spend willing be cut. everyone wants, almost everybody wants spending to be cut. what do you think will happen? >> let's look at wall street. what might happen to the 401(k)s or the stocks. last week, boehner said nothing is happening and stocks would plummet. somebody else would say something going on behind the scenes and stocks go up. this is tremendous volatility. this time of year we get santa claus rally, the stocks will rally until the end of the year. but if the taxes go on, on capital gains and dividends, people will start to sell now to have the better, more preferential tax treatment than afterwards. we may see selling in first of the year. >> eric: long-term, think long-term. once we get past that. what will the effect be? what if taxes on dividends go up? >> this is incredible disincentive. especially on the capital gains. to take the risk of investing. when you say long-term, long-term, if you don't need the money you invest in stock market. if you need it in the next five years don't go near
we get taxes, will be cut. no, taxes will go up. spend willing be cut. everyone wants, almost everybody wants spending to be cut. what do you think will happen? >> let's look at wall street. what might happen to the 401(k)s or the stocks. last week, boehner said nothing is happening and stocks would plummet. somebody else would say something going on behind the scenes and stocks go up. this is tremendous volatility. this time of year we get santa claus rally, the stocks will rally until...
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their payroll taxes might. their income taxes are not. and that is huge. and the truth is, from what i'm hearing, the top 2% better start making financial plans. >> there's no question about that. what's wrong with this proposal? >> look, there are parts of this proposals are reasonable. the bigger problem here is, if the president is sticking to this position, at least for the time being that he outlined last week, would be the equivalent of the republicans saying we want the ryan budget, we want marginal tax rates cut across the board 20%. i'll tell you, steve, i think he has dug in, he spent more time on the phone this week from what i understand with steve israel, chairman of the democrat chair than he did with john boehner. tell me what he's telling those hard left groups about his position and how he can walk back to something more reasonable like something that tom's for. given what he's saying with these hard left groups. >> he's trying to do something different than he's done before. which is take his message outside the beltway, outside of capito
their payroll taxes might. their income taxes are not. and that is huge. and the truth is, from what i'm hearing, the top 2% better start making financial plans. >> there's no question about that. what's wrong with this proposal? >> look, there are parts of this proposals are reasonable. the bigger problem here is, if the president is sticking to this position, at least for the time being that he outlined last week, would be the equivalent of the republicans saying we want the ryan...
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care i think if you look at the if you give me one hundred thousand dollars after taxes here in d.c. i mean look i mean well it's good you can go to dinner or you some decent clothes. j. crew are going to be really really. good doing it and michelle obama is recommending it and there's one thing obama administration's been right on been j. crew upper middle class it's affordable it's good for someone as a matter of people it's still pretty expensive really sorry lauren i'm sorry misses you this is not good enough for you but you know jake was not a four bozo designer off it i was saying it's not. ok you turned loose change into a commercial but i would just say that i was just being very aspirational in my price tag. right nothing wrong with that let's move on to some cool aspirations that we had to have the show reach as far as we can and today it reached to the new york times page to none other than paul crewman's blog so we interviewed peter schiff earlier this week on hyper inflation and take a look at how it made it into paulk ruben's post he kind of indirectly gave us props in
care i think if you look at the if you give me one hundred thousand dollars after taxes here in d.c. i mean look i mean well it's good you can go to dinner or you some decent clothes. j. crew are going to be really really. good doing it and michelle obama is recommending it and there's one thing obama administration's been right on been j. crew upper middle class it's affordable it's good for someone as a matter of people it's still pretty expensive really sorry lauren i'm sorry misses you this...
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that is higher taxes, raising tax rates, and taxes on investment income. at least $50 million in new stimul spending in the next fiscal year alone. mind you, of course, the repubcans looking for spending ts as an offset to their agreement to raise taxes. the only spending cuts in the plan come from cutting medicare and other programs by 400 billion over the coming decade. timothy geithner also requesting the equivant of a permanent increase in the national debt limit. president obama remarkably consistent in his intent to raise taxes on the top 2% of taxpayers. half of those are small-business men and women. the entire election season, he did say a number of times since being reelected, and he's not backing off. e president and his baath insist on higher taxes for the so-called wealthy. remarkably, republicans seem surprised by secrery geithner. chief correspondent ed henry with our repor reporter: optimism faded as timothy geithner let the republicans to decle the talks are going nowhere. >> i'm disappointed. i'm disappnted in where we are and what has ha
that is higher taxes, raising tax rates, and taxes on investment income. at least $50 million in new stimul spending in the next fiscal year alone. mind you, of course, the repubcans looking for spending ts as an offset to their agreement to raise taxes. the only spending cuts in the plan come from cutting medicare and other programs by 400 billion over the coming decade. timothy geithner also requesting the equivant of a permanent increase in the national debt limit. president obama remarkably...
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back to bush years tax cuts. you can get another piece out of that capping deductions, somebody has to come forward and say we have to reduce medicare spending all thee parties are net negative on raising income taxes for everybody. all thee parties net negative on raising the requirement atireme. rediscussi reducing net spending, the democrats are a little better on that. >> you thought it was amazing that 30% of the public have not heard about the fiscal cliff. that didn't raise very high on major issues that are out there. >> the other thing i wanted to ask you about is the apple situation, after that performance yesterday, you talked last week about how you talked about the people that were selling this week. do you think that's really what's happening in this situation? >> i do. whether it's that side which is kind of the negative side, you break the piggy bank, you want to beat capital gameins, you wa to beat the tax man. i think both those sides of the equation may have a lot more horsepower than people th
back to bush years tax cuts. you can get another piece out of that capping deductions, somebody has to come forward and say we have to reduce medicare spending all thee parties are net negative on raising income taxes for everybody. all thee parties net negative on raising the requirement atireme. rediscussi reducing net spending, the democrats are a little better on that. >> you thought it was amazing that 30% of the public have not heard about the fiscal cliff. that didn't raise very...
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we don't want to put both tax increases and entitlement cuts on the table. it's up to republicans and we'll come back with a counter. you can't force us to put an opening bid on entitlement cuts when we don't want any to begin with. and that's the movement. so i think even in public there's starting to be a little bit of moving and i think there is the ability for folks to get there. >> we do know pretty clearly i think that the white house thinks they have the upper hand. here is the president from his event yesterday. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. >> so he's got his outreach to middle class americans. we saw him meeting with business leaders. his event is planned for tomorrow. we campaign-like and he is still using the campaign actually, more than a million people responded to that survey that obama for america put out and said they're interested in volunteering. so is par
we don't want to put both tax increases and entitlement cuts on the table. it's up to republicans and we'll come back with a counter. you can't force us to put an opening bid on entitlement cuts when we don't want any to begin with. and that's the movement. so i think even in public there's starting to be a little bit of moving and i think there is the ability for folks to get there. >> we do know pretty clearly i think that the white house thinks they have the upper hand. here is the...
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Dec 3, 2012
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the president has been very specific on tax revenues and what he wants. but the republicans are trying to put him in a position of doing their job for them. saying well, you tell us what you'll take and then maybe we'll come up with a plan. and clearly obama's not going to play that game. that's what geithner was signaling in the talk shows, that we're waiting for your proposal on entitlements, tell us what it is. >> look, therein lies the rub. that's the rub on this. because you led in with the president's speech in 2011. very good words, serious, somber. >> words that did not play well for the republicans. >> got that. but this is where the republicans are. okay. show me you're serious. lay out where you're beginning to want to make those cuts on entitlements. because we don't want to get out in front of this and be whipped upside the head for wanting to cut all these programs to, you know, kids afterschool and rec centers. >> the white house needs to present what they're -- >> the reality, yeah. that's it. on entitlements, the republicans view is we've
the president has been very specific on tax revenues and what he wants. but the republicans are trying to put him in a position of doing their job for them. saying well, you tell us what you'll take and then maybe we'll come up with a plan. and clearly obama's not going to play that game. that's what geithner was signaling in the talk shows, that we're waiting for your proposal on entitlements, tell us what it is. >> look, therein lies the rub. that's the rub on this. because you led in...
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Nov 30, 2012
11/12
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whey too high on taxes. not nearly enough on spending reductions. >> the president has said all the way along, if i give you a dollar of revenue, if you guys give me a dollar of revenue, that's $3 trillion in spending cuts. he's coming in with 400, so would you try to get him to 3 trillion here or try to bring down the revenue number? >> well, i think you have to bring down the revenue number. we are not going to tax and spend our way back into economic prosperity in this country. we are going to have to work together. i think most americans are tired of seeing the partisanship and debates. i'm pleased the speaker's up at the white house to find a solution. most people want certainty, long-term predictability in the economy and raising taxes for this amount i think would put us back into a recession and be counterproductive to get our economy going on. >> john boehner clearly, he's the key negotiator. are you going to agree to whatever deal he brings you, if he says representative yoder, it's $1.4 trillion i
whey too high on taxes. not nearly enough on spending reductions. >> the president has said all the way along, if i give you a dollar of revenue, if you guys give me a dollar of revenue, that's $3 trillion in spending cuts. he's coming in with 400, so would you try to get him to 3 trillion here or try to bring down the revenue number? >> well, i think you have to bring down the revenue number. we are not going to tax and spend our way back into economic prosperity in this country....
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Dec 2, 2012
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>> the tax increases in the president's plan? oh, yeah, absolutely. again, again, if you listen carefully to the political debate, there's very broad-based support now and recognition of the need to let rates go up. we think they should go back to the clinton level and bipartisan that with tax reform in limited deductions for wealthy americans. that's an essential parent of any balanced agreement. now, that's not enough. we think we can go beyond that and lock in some carefully designed savings that helps us go back to living within our means. and the president lad out a very detailed, comprehensive plan for how best to do that. he put on theitable it $16 billion in savings, and they're very detailed, and they're very well designed-- >> schieffer: what gives you reason for optimism. speaker boehner says this is basically a stalemate. >> it's true that we're still a bit apart. and they're going to have to move further, and they're trying to figure out, again, what they do next in this context. again, we've given them a very detailed set of proposals. w
>> the tax increases in the president's plan? oh, yeah, absolutely. again, again, if you listen carefully to the political debate, there's very broad-based support now and recognition of the need to let rates go up. we think they should go back to the clinton level and bipartisan that with tax reform in limited deductions for wealthy americans. that's an essential parent of any balanced agreement. now, that's not enough. we think we can go beyond that and lock in some carefully designed...
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Dec 1, 2012
12/12
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who wants to start a business without knowing what the capital gains tax will be, tax code rate. plus the whole office supply industry has been shrinking for awhile, not just office max but office depot and staples as company shifted away from using lots of paper towards digital solutions like apple ipads. meanwhile there's not that much demand for the technological devices some of the companies sell which have become increasingly commodized. just witness hideous performance of best buy. despite all these big perceived big picture, office max has been rallying like crazy. stock has run up 122% for year. and it's fallen from 4.26 from the beginning of august to nearly $10. right now where the stock is less than a point off its 52-week high. what the heck, right? five months ago this stock had been left for dead. but now somehow office max has managed to find new life and become a monster good performer. just when you expect the company to be take it on the chin. what the heck is really happening at this company? could it be that perhaps we're simply wrong about the sector? maybe t
who wants to start a business without knowing what the capital gains tax will be, tax code rate. plus the whole office supply industry has been shrinking for awhile, not just office max but office depot and staples as company shifted away from using lots of paper towards digital solutions like apple ipads. meanwhile there's not that much demand for the technological devices some of the companies sell which have become increasingly commodized. just witness hideous performance of best buy....
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Dec 3, 2012
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he suggested the bush era tax cuts must expire for the wealthiest americans. >> we put forward a very comprehensive, carefully designed mix of savings and tax reforms to help us put us back on a path to stabilizing our debt and living within our means. >> reporter: republicans did not welcome the proposal. >> i was disappointed by the president's proposal. i think it is a rerun of his budget proposal. the revenue proposals are $1.6 trillion in revenue and tax increases. >> reporter: and many are expressing frustration with the lack of progress. >> i would say we are nowhere, period. we are nowhere. >> reporter: geithner disagrees saying the administration did offer $600 billion in cuts to health care and other mandatory programs. he remains optimistic a deal will be made. i'm elizabeth coreidin reporting. >>> the flood threat for the truckee river is over. flooding that was expected never happened because the storm turned out to be colder than predicted. there was more snow and less rain near the nevada border. snow levels dropped from 10,000 to 7,000 feet. the truckee river is now ex
he suggested the bush era tax cuts must expire for the wealthiest americans. >> we put forward a very comprehensive, carefully designed mix of savings and tax reforms to help us put us back on a path to stabilizing our debt and living within our means. >> reporter: republicans did not welcome the proposal. >> i was disappointed by the president's proposal. i think it is a rerun of his budget proposal. the revenue proposals are $1.6 trillion in revenue and tax increases....
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Dec 5, 2012
12/12
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rates, not just more in taxes, higher tax rates. but for some reason it must be higher rates, period. that's it. end of story. not because it is going to move the needle and fix our out of control debt, because it won't, not because it will put america on a fiscal sustainable path, because it won't. that is where the president has drawn his line in the sand. meanwhile, the president is now proposing a form of kicking the can down the road. raising taxes now with a promise to deal with entitlement reform and tax reform next year or beyond. that's the real worrisome proposal. here we are at the center of probably the most important fiscal conversation this country has had in decades. no one thinks we can continue on this spending path we are on without a day of reckoning coming sooner or later. why would we not seize the
rates, not just more in taxes, higher tax rates. but for some reason it must be higher rates, period. that's it. end of story. not because it is going to move the needle and fix our out of control debt, because it won't, not because it will put america on a fiscal sustainable path, because it won't. that is where the president has drawn his line in the sand. meanwhile, the president is now proposing a form of kicking the can down the road. raising taxes now with a promise to deal with...
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Dec 6, 2012
12/12
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nobody even knew what the alternative minimum tax was 8, 9 years ago. now more and more americans, millions are susceptible to it. if you have to patch it for another year, i would hope to get a final solution to that situation very, very shortly because we cannot have that anxiety hanging over folks as they go to pay their taxes in february and march of next year. >> absolutely. another issue, i guess, that is seen as a complication but one that must be addressed the president says, the debt ceiling. i want to play what senator mcconnell has said regarding the president and the portion of his proposal that included the debt ceiling. let's play it. >> the last person who should have limitless borrowing power. look, the only way we cut spending around here is by using the debate over the debt limit to do it. >> i bet you don't agree with that? >> i don't agree with that. we've seen what happens. we've been brought to the brink and don't want to go back to 1995 when the folks walked out and government was shut down. what did we accomplish? i think even mr
nobody even knew what the alternative minimum tax was 8, 9 years ago. now more and more americans, millions are susceptible to it. if you have to patch it for another year, i would hope to get a final solution to that situation very, very shortly because we cannot have that anxiety hanging over folks as they go to pay their taxes in february and march of next year. >> absolutely. another issue, i guess, that is seen as a complication but one that must be addressed the president says, the...
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Nov 29, 2012
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tax everybody at same rate and tax at lower rate. liz: sheila, the thesis of your idea, why you're on today, talk about forget congress and the president for a moment, congress wall street has to step up. special treatment they get has to stop. what is your idea of wall street and how it should get involved? >> that would be one big one. that is 90 billion a year i believe. there is another question whether we should subsidized excessive leverage at some of these financial institutions. right now the tax code actually gives financial institutions a financial incentive to fund themselves by borrowing a lot of money as opposed to funding themselves with shareholder equity. so some have suggested capping that. if you're levered over certain percentage or number of ratio, 12 to one i suggest, you don't get interest deduction. another way to do it which would be more expensive, equalize treatment of interest and dividends to deduct dividends. that might mate i can more palatable for some to stop treatment for income. but, i think those, t
tax everybody at same rate and tax at lower rate. liz: sheila, the thesis of your idea, why you're on today, talk about forget congress and the president for a moment, congress wall street has to step up. special treatment they get has to stop. what is your idea of wall street and how it should get involved? >> that would be one big one. that is 90 billion a year i believe. there is another question whether we should subsidized excessive leverage at some of these financial institutions....
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we can't tax wall street if you put even a fraction of a tax on those transactions tom you would have more than enough to wipe out this deficit and it's not unheard of look in the u.k. they've been doing this for three hundred years so what we're doing is we're missing who's responsible everybody has is looking in the wrong direction we're focusing on medicare we're focused on social security why does it have somebody have the courage to say look why the hell are we here to begin with we're here because we're we're because of a greed frenzy that took place on wall street they're responsible let's let them help us pay it back tim geithner is opposed that larry summers is opposed that even when obama said you know maybe we should consider this his advisor said no that would be a bad idea but it is a way to solve this problem without having any problem to the average american and to the point in a brilliant point it is by the way the american way to solve this problem we had abraham lincoln put a securities tax in place. the civil war. mckinley put in place for the spanish-american war a
we can't tax wall street if you put even a fraction of a tax on those transactions tom you would have more than enough to wipe out this deficit and it's not unheard of look in the u.k. they've been doing this for three hundred years so what we're doing is we're missing who's responsible everybody has is looking in the wrong direction we're focusing on medicare we're focused on social security why does it have somebody have the courage to say look why the hell are we here to begin with we're...
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Nov 28, 2012
11/12
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have always been being taxed at ordinary income rates. david: they're concerned it will go up even more. >> go from 35 to whatever, whatever solution comes down. short-term capital gains it is equally important to recognize short-term capital gains if you recognize them in short term before january 1st. the general notion however is that, you know, to what extent our tax rates driving capital formation and job creation? i don't think they are as important as making sure that we have a strong economy. in a strong economy, depend upon a balanced budget. so that is the thing we really have to work for. liz: get it going, we agree. david: bill harris, good to see you. thank you very much. come again. liz: nice to see you. david: coming up, the fed continuing to print money to ease our economic programmed problems but they can't print gold. we hear that in ad after ad on television so should that be your investment of choice? scott carter comes up makes his bullish case for the metal. liz: national federation of independent business says we ne
have always been being taxed at ordinary income rates. david: they're concerned it will go up even more. >> go from 35 to whatever, whatever solution comes down. short-term capital gains it is equally important to recognize short-term capital gains if you recognize them in short term before january 1st. the general notion however is that, you know, to what extent our tax rates driving capital formation and job creation? i don't think they are as important as making sure that we have a...